CANCEL DEBT IN ASIA PACIFIC TO TACKLE HEALTH & ECONOMIC CRISIS
Zoom Webinar: Thursday, June 25, 2020
“Aid Talks” is a webinar series hosted by AID/WATCH and Reality of Aid-Asia Pacific discussing the most pressing issues on aid and development cooperation today and the critical issues surrounding it. “Aid Talks” aims to inform the public on how the Official Development Assistance (ODA), commonly known as aid provided by donor countries to developing nations and fragile states, is being utilized as ‘aid investment’ redirected to support private sector players and narrow security priorities over reducing inequality and poverty
With potential impacts of the global COVID-19 pandemic on sovereign debt for the poorest countries in the Asia Pacific region there is a growing regional and international call for the cancellation of all external debt payments due to be made in 2020.
Many of these countries are already in debt distress or risk thereof. They lack vital societal functions such as health infrastructure, welfare and education whilst also struggling to meet the financial demands from the impacts of climate change. Those that will be hardest hit will be the most vulnerable and marginalised, particularly women.
With cuts to aid budgets and the debt crisis already prevalent in many countries in the Asia Pacific the COVID crisis has revealed that both low income and middle income countries are at risk. The financing needed to prevent both COVID-related health and an economic catastrophe will be immense.
The outbreak of COVID-19 shows that a rapid response is essential. Governments need to have resources for decisive action today. Any delay will make a post-COVID world more difficult to control and late repair of economic damage more costly, especially for borrower countries.
Join our panellists, from Eurodad – the European Network on Debt and Development, Pacific Islands Association of Non-Government Pacific Islands Association of Non-Government Organisation-PIANGO Pacific 2030, IBON International, Bangladesh Working Group on External Debt who will present and discuss on the need to cancel all external debts.